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, you think the sandy play would be over, but no. trex, those waterproofing products -- >> you got to wonder if they're covering shorts in advance of the employment report perhaps, bob. >> they're buying on sandy pretty heavy on these stocks. >> >>ty, more later, back to you. >>> a lot of economic data out today. some of it supposed to have come out earlier in the week, was delayed. shows an economy building momentum. that is at least until sandy came. steve leisman here. steve, is sandy going to slam the brakes on this slightly upward arc we're seeing in the economy? >> it is definitely going to have an impact on the economy. today we got a read on the economy ahead of sandy giving us really a baseline. that baseline was a little bit better than economists originally thought. at almost every count. perhaps the miss here -- what a nice graphic they made. perhaps the miss there was because they don't know how to estimate the new methodology. but that was better than expected. claims a little bit better than expected. ism above expectations also. construction spending powered by resi
. new star has had to get a little bit creative because in the aftermath of hurricane sandy, they and others like them have had to do the best they can to accommodate their customers after damage and marine terminals that in many cases cannot be used. about a mile down the road nustar's facility has been damaged by the flood, battered by tidal surges, filled with debris and they're still working on that. other terminals in this area are in similar spots. as of today, at least a half-a-dozen of them are fully or even partly running. including facilities run by bp, hess, and phillip's 66. these locations provide a crucial link between refineries who make the products and the airports and gas stations that distribute them. but as these get rehabilitated, electricity outages in this area remain a major problem. some of the operators have told me they're a little bit baffled by the fact that they are resupplying on a steady basis, yet there are still huge fuel lines snaking but the region. the only thing they can think of is there is not enough power at gas stations to get that f
8%. >> big move there. thanks, scott. >>> is the clean-up from sandy rolls on, another storm headed toward the eastern seaboard. how bad is it going to be? the weather channel is tracking it for us next. >>> plus, the political impact of the storm. it was foggy before. may be starting to get clearer now. from local communities to local businesses. the potential of yelp unlocked. nyse euronext. unlocking the world's potential. to a currency market for everyone. the potential of fxcm unlocked. nyse euronext. locking the world's potential. >>> in the first days after the storm, president obama toured the damage and received praise for his leadership. but as the gas lines grew and tempers got short, new damage uncovered could be images and headlines turn against him. john harwood is at an afl-cio phone bank where they are urging voters to get to the polls. governor christie seems deeply in command the way the federal government has stepped in to help. this is the third hurricane i've covered in my lifetime, andrew, katrina and now this. we are at the point where the population gets furi
effects of that and hurricane sandy, burt fleck enfleckenger. >> start first with this black friday move which lets a lot of people start shopping on thanksgiving. smart move by walmart or a desperation move by walmart? >> sue, it's desperation retailing and desperation discounting. >> why? >> as tyler mathisen referenced earlier, it's ho ho ho to try to hold sales by opening 16 hours earlier for black friday this year and 22 hours earlier than the prior year. walmart's got two salient ships which will benefit the company. number one, last year they sold out of 32-inch tvs in the stores i was in this less than 22 minutes. secondly, the lines, people were freezing for a few to five hours and getting into to best buy by comparison right away. walmart guarantees it will be one hour in line. that's a benefit. >> burt, let me ask you though. last year when we saw this happen there was a lot of pushback by some consumers who said, you're ruining one of the best holidays of the year by doing this, and also by the workers who said this is a holiday for me and my family. is there still going to b
. >>> this hour, the president tours the disaster area from hurricane sandy. first from the air, then on foot. the first numbers are out now on how sandy is already taking a bite out of the economy. >>> and, we move to real estate. how real is the recovery? ben bernanke set to speak about housing and mortgages in just a few minutes and what he says could move the markets. >>> but first, let's head out to chicago where sue can be found at a major investor summit in the windy city. sue? >> indeed, i am in the beautiful windy city, ty. this is the schwab impact conference. welcome to the biggest convention center in the united states and it is chock-full with some of the top investment advisors out there. we're going to be talking to a number of them. we have a terrific hour planned here from chicago. we're going to talk to the five-star rated portfolio fund manager of the permanent portfolio fund, michael kuggino. he has $17 billion under management. we'll find out how he sleeps at night in this volatile market. >>> plus, liz ann sonders, schwab's chief investment strategist is with us. she's f
to talk about the damage from superstorm sandy it is making it very difficult for thousands of people to vote. and to make matters off, yet another northeaster is headed our way tomorrow. a live update coming up for you here on "power lunch." but when i was in an accident... i was worried the health care system spoke a language all its own with unitedhealthcare, i got help that fit my life. so i never missed a beat. that's health in numbers. unitedhealthcare. >>> welcome back to power lunch, i'm bertha coombs. batching shares of ringo, a small company, but a very big patent case going on now in virginia. the jury has been now deliberating for four days, a fourth day today. they are suing google, aol and others over search patents that they say those companies have infringed on, search patents they had bought back from lycos years ago. today, the stock broke, two individual stock circuit break, this morning, a number of players anticipate we may see a verdict. we will give you more if we get more news. these one of the stocks that is halt ted moment and we are watching. tyler, back to
chief, speaking this morning. >> some important comments. hurricane sandy was directly in his district so he made some comments about it. he said that the damage was worse than first anticipated. that's something we've been talking a lot about. original number was $50 billion. it's in the $70 billion to $90 billion range. it is probably going to shave a quarter to half a point off gdp. you talked about the fiscal cliff which he says congress and the president must address. he says because we're at the zero balance, interest rates were zero, the effect of the fiscal cliff is getting much worse than if the fed were not at zero. >> because they could do something. >> the only positive thing which dudley did not talk about but it is something that's on the radar is that, as the fiscal cliff fears rise, interest rates fall on the 10-year. so the effect the fed would have from easing is already in -- already happening as a market reaction. >> steve, thank you. >>> when jeff kilburg is not fired up about the irish he is fired up about what mr. dudley said today. why? >> absolutely. he came ou
of things, uncertainty about the election, hurricane sandy and uncertainty about the fiscal cliff. sue, back to you. >> speaking of, which mary, thank you, perfect segue, 47 days to go before that fiscal cliff deadline day. taxes will jump. spending will be cut and millions could possibly lose their jobs. our money is being held hostage by washington's failure to solve the problems that they were elected to solve. joanne johnson joins us now, a wealth adviser with jpmorgan private bank. welcome, joanne, good to have you here. >> good afternoon. >> you deal with a lot of very wealthy people and people in upper income brackets. if they are walk nothing your office today, what's the best advice that you're giving them right now, given the atmosphere that we are facing and the environment that we are going to face in january? >> first thing i would remind them is to expect the up expected. a couple of years ago, we were all stunned when president obama signed into law the tax relief act that extended bush tax cuts and increased transfer tax exemptions to historic levels. we are now looking at so
storm sandy hit. you can see the floodwaters gathering outside, then bursting through the doors leading to the path train platform, then to the path tunnels. path train restarted limited service just this week. >> amazing pictures. just astounding. one of the train services in my town, simon, just began i believe it was on wednesday because it uses some of those very same tunnels. look at that. wow! >>> united's flight delay problem yesterday may prove to be bigger than they want it. phil lebeau live with the details in chicago. >> the interesting thing is whether or not we're going to see residual damage from this third delay at united. there's no indication at this point that there is but clearly people are still talking about what happened yesterday. essentially it comes down to this. there was a computer software glitch that led to the flight delays thursday morning. most of those delays in a period of two hours. fewer than 200 flights were affected. united, however, has had three of these types of computer outages since june and we thought, listen, has this impacted the way people
but largely y lly yut plg the rlx. hurricane sandy hit the last two days of the fiscal third quarter and macy's thinks that it could hurt the fourth quarter and that includes the holiday sales. as a result, their estimates are below the street's expectations for the fourth quarter. sue? >> courtney, thank you. >>> the dow tanking triple digits. it fell below the 13,000 mark. right now the dow is off just about 259 points. one-third of its losses coming from just five companies -- ibm, exxon, chevron, cat and united technologies. >>> coming up next -- more on that breaking news for boeing as well which on the day is down about 2%. reorganizing on the defense side. we're back in a moment. [ male announcer ] this is joe woods' first day of work. and his new boss told him two things -- cook what you love, and save your money. joe doesn't know it yet, but he'll work his way up from busser to waiter to chef before opening a restaurant specializing in fish and game from the great northwest. he'll start investing early, he'll find some good people to help guide him, and he'll set money aside from his
in the dark post-sandy. the outrage growing and so are the calls for competition in power. we've got cable tv choices. why not electric choices? there's only one choice for cable for me, that's comcast. it is a great corporation. >> indeed it is. >> very, very heartwarming company. >> indeed it is, thank you, brian. >>> two sudden and shocking tales of sex on the job in the last week alone. cia head david petraeus resigning after an extramarital affair, and the incoming head of lockheed martin is out after having an affair with a subordinate. "the discrete guide for executive women, how to work well with men and other difficulties." we know of course how damaging these affairs can be to the players involved but talk about the collateral damage in the work place. the author joins us now. jennifer, thank you so much for joining us. >> thank you. >> let's talk first of all about these particular situations seem to be coming around more and more. but talk to me about the collateral damage in the workplace and some examples of how the ripple effects of these types of sex scandal can be felt in the
, consume could be in for a rude awakening. third quarter gdp on thursday. a little bit of sandy and a little bit of fiscal cliff in this 1.2 to 2.2, those are the forecasts i have seen so far. >> do you think perhaps the consumer is not reflecting the fiscal cliff issues because the last time, we keep going up to the edge of the cliff and then things get -- things get resolved? >> it's a good question. it strikes n s me that looking at the debt ceiling debate i think consequences were equally stark but more easily understood, people anticipated that and more bad stuff in the economy. the consumer confidence numbers showed that job prospects looked good, home buying intentions look good, a buoyancy to the consume they're wasn't there. >> wasn't there. >> face the debt ceiling. yeah. >> thank you, steve. >> sure. >> as always. if you want more on this special coverage that we have, the crisis is in a special section of our website, riseabove.cnbc.com, check it out. it has some terrific information, ty. >>> breaking news now from the bond market. two-year notes up for auction. you
of that is washing up on the sandy shores of miami. a mansion in miami's indian creek area recently sold for $47 million. the most ever for a miami house. the buyer -- a russian. brokers say that russians are far and away the single largest group buying mega homes priced at $20 million or more. we went mansion shopping with one rich russian and with miami's super broker jill ebert. >> the master is beautiful. >> reporter: she's one of the jills, the team that sold that $47 million home. our first stop, a mediterranean style mansion with ten bedrooms, five basket rooms and two docks for your matching yachts. the pool is more like a man-made lagoon. it holds 100,000 gallons of water and one room is even designed by versace. price for all this luxury -- $37 million. next up -- a more modern mansion right on the beach. >> so isn't this staircase wild? >> reporter: or take the elevator. our buyer didn't close any deals that day but one wealthy russian may end up with miami's greatest real estate prize -- the versace mansion. 20,000 square foot chateau on the south beach strip is on the market for $12
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